Microsoft to Offer Blockchain to Banks With New Partnership

Microsoft has teamed with a consortium of banks to help develop new methods for using the blockchain — the technology that underpins Bitcoin — to support financial transactions.

R3 CEV, which is developing blockchain-based applications for a consortium of more than 40 banks, will have access to Microsoft’s Azure cloud offerings as part of a strategic partnership between the two companies. Banks in the consortium with the New York-based R3 include Bank of America, Credit Suisse, Goldman Sachs and UBS.